ICICI Bank is an Indian, Public ltd Company dealing with finance and banking services. In India, this multinational bank boasts of being the second largest in relation to market capitalization and its assets. This banking institution was founded in the year 1994. The bank’s present chairperson is Mr. K.V.Kamath and Ms. Chanda Kochhar is the CEO and MD. ICICI Bank is determined to improve the understanding between the employees and the customers for a long-lasting relationship.
The bank’s objectives includes creation and expansion of private concerns with modern facilities. It has also taken initiative to ‘Go Green’ in order to create awareness about environment amongst the people. ICICI Bank has created a platform that single-handedly gives an option of i-mobile banking, internet banking and IVR banking under one roof to all its customers.
ICICI Bank has many competitors in the banking arena that motivates them in giving their best possible services. Some of their chief business rivals are as follows
Product in the marketing mix of ICICI bank
ICICI Bank provides a variety of banking products for all its customers. The major product of ICICI bank is its excellent customer service. The bank is known for its 12 hours operation and for its out of the box customer service initiatives. It has equal focus on retail customers as well as customers belonging to the corporate world. Their banking products include:
- Consumer banking – It includes a number of deposits like Saving account, Recurring account, Fixed deposit account, special accounts for senior citizens and also teenagers.
- Cards – These cards include Credit card, Travel card and Debit card.
- Investment banking – Various options are provided to the customers like Tax Saving Bonds, Mutual Funds, Foreign Exchange Services and Pure Gold Investments.
- Loans – This include Personal Loans, Medical Equipment loans, Farm Equipment Loans, Vehicle Loans and Loans against Securities.
- Finance – Channel finance is one of the strong products which ICICI bank has in its kitty. Plus there are numerous forms of Finance provided by the bank.
- Corporate banking
- Insurance – ICICI bank is known for its large portfolio of Insurance options.
- Wealth management
- Private banking
- Mortgage loans – Most banks make an amazing amount of revenue from offering Loans. ICICI has many fail safes in place to ensure that it gives loans to the better customers only.
In the month of September 2013, ICICI Bank introduced an extraordinary app on Facebook. This exclusive app named ‘Pockets by ICICI Bank’ assisted its customers in carrying out a variety of financial transactions through Facebook. Access to this app was possible by logging in the Facebook account of the customer. After reaching the desired page, the individual has to complete its online registration with the help of Debit Card number and the Pin Number.
This app has proved to be a blessing in disguise for customers as it is helpful and saves ample time. Payments, recharging mobile’s prepaid account, booking tickets at cinema halls, accessing statements of demat accounts and savings account, opening a recurring account and upgrading the debit card are some of the possibilities through this app. This app also allows a group to split and share expenses on Facebook. Transferring of funds to friends without any bank details is possible over here.
ICICI Bank has added several new products to its portfolio like the ‘My Savings Reward’ and ‘I Wish’ deposit program. This shows that ICICI bank understand that for a bank, convenience is one of the major products which they can offer to their customers. However, convenience comes at a security risk and therefore, ICICI ensures that it has security fail safes in place to offer these services to customers.
Place in the marketing mix of ICICI bank
ICICI Bank’s operation has spread all over the globe and it has subsidiaries and branches in 19 countries like Russia, United Kingdom, Canada, Singapore, US, Hong Kong and Qatar.
In India, ICICI Bank has a huge set-up of 11,162 ATM’s and 3,800 branches. Suitable places to set up ATM and Branches are shortlisted and then finalized so that services can be provided to maximum number of people. While setting up such places the safety and security of both the bank personnel’s and the users is kept in mind.
This places act as a distribution channel for the banking facilities where services are provided anytime 24*7.The concept of Internet banking and using of technology for any kind of services is encouraged. All its branches are equipped with modern facilities. The bank has opened various information centers where all the related queries can be answered.
ICICI Bank has started the concept of DSA &DST. The direct selling agents and team of ICICI contacts the customer at his place rather than asking him to come to the bank. This has helped them in garnering more customers.
Price in the Marketing mix of ICICI bank
ICICI Bank offers an assortment of financial services to its esteemed customers. It has a very clear-cut pricing policy. It deals in a competitive market and so it has a policy that involves improvisation at each level. The bank’s value added strategies are made keeping in mind and analyzing the customer’s mindset and economic changes happening in the market. However, when you compare it with PSU’s or even second tier banks like Kotak mahindra, then ICICI can clearly be seen as a Premium priced bank.
ICICI Bank is targeting a great part of the market share because its policy comprises of revenue through volume. It has also started an aggressive pricing policy that involves acquisition through low-cost funds. The bank’s main aim is to eliminate competition in the banking field.The bank offers loans and schemes to attract its customer. The rates are evaluated at regular periods and changed to suit the needs and demands of both the bank and the customer.
Under its Evaluating Policy, in 2012 ICICI Bank has introduced a new program ‘My savings Reward’. In this program, customers are allotted points as rewards for all the transactions, which are completed through the savings account of the bank. Points are given automatically for multiple transactions like Internet banking, shopping that is through online, payment of bills, automatic debiting of saving account for any monthly installments etc.
The promotion strategy of ICICI Bank comprises of direct and indirect communication to the customers. Besides emphasizing on the modernization of its banking facilities stress is also laid on the benefits one gets on using the banks services. The benefit of each product is highlighted so that the clients become impressed and they are forced to grasp the services of this bank.
Under the promotional strategy, ads have been placed in the print media and famous personalities have been roped in for visual media. It has been a huge boost forICICI Bank to hire Amitabh Bacchan, the famous actor, in the advertisements. All the ads related to the bank denote‘trust’ and this has helped them immensely as trust is a rare commodity in today’s world.
Promotions are also done through films like Baghban. Technology has been use to its maximum potential in tracking the customer’s wishes and demands.ICICI and Amway have formed an alliance for a credit card that can be used at international level.The bank has also patched with Indian Railways and many services are provided for the benefit of the customer.
ICICI Bank’s tag line is very appropriate ‘Hum Hain Na’ because it promotes credibility, trust and financial solutions to every customer. It has been successful in its endeavour to project a sophisticated image with modern concept.